Angelo Gordon wants around $60M for Cerritos Corporate Center

Partnership bought the property for $42.4M in 2013, including the assumption of debt

Jun.June 01, 2016 08:30 AM

The seven-building Cerritos Corporate Center is on the market.

The seller, investment firm Angelo, Gordon & Co., has tapped CBRE to shop the industrial park to potential buyers for up to $60 million, according to REAlert. The property, at 13810-13950 Cerritos Corporate Drive, totals 453,000 square feet and is nearly fully leased with 15 tenants.

Angelo Gordon bought the complex for $42.4 million, including the assumption of debt,  in 2013 in partnership with Crowsnest Properties. The complex was built in 1990.

CBRE is emphasizing the center’s “stability and upside potential,” according to REAlert. In the first year, the buyer’s annual yield would be 5.5 percent based off the $132 per square foot sale price.

A buyer could potentially raise the rents after leases expire, as rents are currently 6 percent below the market’s average asking rate. CBRE estimates that rent in the submarket will increase another 6.3 percent this year. Buildings could also be sold off individually. [REAlert] — Cathaleen Chen

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